Fitch Ratings expects to assign ratings and Rating Outlooks to the asset-backed notes issued by Ford Auto Securitization Trust, Series 2021-A (FAST 2021-A).

Fitch used 2006-2009 recessionary vintage performance along with the more recent 2015-2017 vintage performance data as base periods to derive and forecast the base case cumulative net loss (CNL) proxy. The sensitivity of the ratings to scenarios more severe than currently expected is provided in the Rating Sensitivities section below.

RATING ACTIONSENTITY/DEBT	RATING

Ford Auto Securitization Trust 2021-A

A-1

LT	AAA(EXP)sf 	Expected Rating

A-2

LT	AAA(EXP)sf 	Expected Rating

A-3

LT	AAA(EXP)sf 	Expected Rating

B

LT	AA+(EXP)sf 	Expected Rating

C

LT	A+(EXP)sf 	Expected Rating

VIEW ADDITIONAL RATING DETAILS

KEY RATING DRIVERS

Collateral Performance - Strong Credit Quality: The 2021-A pool is largely consistent with that of series 2020-A (NR by Fitch) and similar to 2019-A. The weighted average (WA) FICO score is 770 - the highest for the platform; new vehicles total 93.3%; the WA seasoning is 10.6 months; and the pool is geographically diverse. Longer-term loans (terms greater than 60 months) total 74.6%, up from 68.5% in 2020-A and hitting the highest for the platform. Loans with terms greater than 72 months total 25.6%, consistent with recent transactions. Model concentration for the pool improved to 73.0% for the top five models, down from 77.8% in 2020-A.

Forward-Looking Approach to Derive Base Case Loss Proxy: Fitch considered economic conditions and future expectations by assessing key macroeconomic and wholesale market conditions to derive the series loss proxy. Losses on FCCC's portfolio and securitizations were stable in 2015-2019, well below peak 2009 levels, and improved in 2020 - 1H21, despite the negative impacts from the pandemic. Fitch incorporated the performance from 2006-2009 and 2015-2017 vintages, along with 2009-2020 ABS performance, in deriving the 1.00% base case CNL proxy for 2021-A (down from 1.10% in 2019-A).

Payment Structure - Sufficient Credit Enhancement (CE): Initial hard CE totals 5.25%, 2.25% and 0.25% for class A, B and C notes, respectively, lower versus 2020-A by 75bps for each class, although consistent with that of the other three prior recent transactions. Initial hard CE is sufficient to withstand Fitch's base case CNL proxy of 1.00% for all notes at each class respective loss coverage multiples. Excess spread totals approximately 3.55%, down relative to 2020-A and other recent transactions.

Seller/Servicer Operational Review - Consistent Origination/Underwriting/Servicing: FCCC demonstrates adequate abilities as originator, underwriter and servicer, as evidenced by historical delinquency and loss performance of its managed portfolio and securitizations.

Thus, Fitch deems FCCC capable to service this series. Fitch's current Long-Term Issuer Default Rating (IDR) for Ford Motor Company (Ford; FCCC's ultimate parent) is currently 'BB+'/Outlook Stable. Furthermore, FCCC's parent, Ford Motor Credit Company LLC (Ford Credit), will provide a performance guarantee that supports FCCC's obligations as seller and servicer for this transaction.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to negative rating action/downgrade:

Unanticipated increases in the frequency of defaults could produce CNL levels higher than the base case and would likely result in declines of CE and remaining net loss coverage levels available to the notes. Additionally, unanticipated declines in recoveries could also result in lower net loss coverage, which may make certain note ratings susceptible to potential negative rating actions, depending on the extent of the decline in coverage.

Hence, Fitch conducts sensitivity analyses by stressing both a transaction's initial base case CNL and recovery rate assumptions and examining the rating implications on all classes of issued notes. The CNL sensitivity stresses the CNL proxy to the level necessary to reduce each rating by one full category, to non-investment grade (BBsf) and to 'CCCsf', based on the break-even loss coverage provided by the CE structure.

Additionally, Fitch conducts 1.5x and 2.0x increases to the CNL proxy, representing both moderate and severe stresses, respectively. Fitch also evaluates the impact of stressed recovery rates on the transaction structure and rating impact with a 50% haircut. These analyses are intended to provide an indication of the rating sensitivity of notes to unexpected deterioration of a trust's performance.

Factors that could, individually or collectively, lead to positive rating action/upgrade:

Stable to improved asset performance driven by stable delinquencies and defaults would lead to increasing CE levels and consideration for potential upgrades. If CNL is 20% less than the projected proxy, the expected ratings for the subordinate notes would not be upgraded until the transaction amortizes, given they are subordinated to the class A notes and rely heavily on excess spread for credit enhancement. Up stresses were not considered for the class A notes given they are rated 'AAAsf(EXP)'.

Best/Worst Case Rating Scenario

International scale credit ratings of Structured Finance transactions have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of seven notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of seven notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings are based on historical performance. For more information about the methodology used to determine sector-specific best- and worst-case scenario credit ratings, visit https://www.fitchratings.com/site/re/10111579.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as prepared by PricewaterhouseCoopers LLP. The third-party due diligence described in Form 15E focused on comparing or re-computing certain information with respect to 125 loans from the statistical data file. Fitch considered this information in its analysis and it did not have an effect on Fitch's analysis or conclusions.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING

The principal sources of information used in the analysis are described in the Applicable Criteria.

ESG Considerations

Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. For more information on Fitch's ESG Relevance Scores, visit www.fitchratings.com/esg

Additional information is available on www.fitchratings.com

PARTICIPATION STATUS

The rated entity (and/or its agents) or, in the case of structured finance, one or more of the transaction parties participated in the rating process except that the following issuer(s), if any, did not participate in the rating process, or provide additional information, beyond the issuer's available public disclosure.

APPLICABLE CRITERIA

Global Structured Finance Rating Criteria (pub. 24 Mar 2021) (including rating assumption sensitivity)

U.S. Auto Loan ABS Rating Criteria (pub. 16 Sep 2021) (including rating assumption sensitivity)

Exposure Draft: Structured Finance and Covered Bonds Counterparty Rating Criteria (pub. 21 Sep 2021)

APPLICABLE MODELS

Numbers in parentheses accompanying applicable model(s) contain hyperlinks to criteria providing description of model(s).

ABS Loss Forecaster Model, v1.1.1 (1)

Auto Timeshare Model, v1.1.0 (1)

ADDITIONAL DISCLOSURES

Dodd-Frank Rating Information Disclosure Form

ABS Due Diligence Form 15E 1

Solicitation Status

Endorsement Policy

ENDORSEMENT STATUS

Ford Auto Securitization Trust 2021-A 	EU,UK Endorsed

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